Figure Out What Retirement Means to You
If you’ve already begun saving for your retirement then it means you must have started off with a plan, right? But by now that plan is hopefully decades old and if you haven’t made time to reconsider it, you should do that now. Your wants and needs may have changed over the years, so you have to ensure that your retirement savings are on par with your new retirement ideals.
Why should you do this? To ensure that your savings are on track. The most basic way you can tackle this is by asking yourself three questions. When? Where? What?
Where do you plan on retiring? If you don’t want to stay where you currently are, now’s a great time to decide on your retirement destination- make it a great one! Furthermore, do you plan on downsizing? What about your travel plans? If you want to travel you have to make sure there’s enough money in the bank for all the places that you want to see.
When you want to retire is also crucial and it depends on a number of factors, such as your health and when you plan on tapping your Social Security benefits- the longer you wait for these, the better!
And, finally, what do you really plan on doing during retirement? Do you plan to have an active one or are you happy to take things slow and relax?
Make sure you have this discussion with your spouse or family if you’re single. There’s nothing worse than making plans without realizing the people closest to you have made entirely different plans of their own.
